Lyft (NASDAQ:LYFT) Price Target Raised to $22.50

Lyft (NASDAQ:LYFT) had its target price increased by Morgan Stanley from $20.50 to $22.50 in a report published on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the ride-sharing company’s stock.

Other equities analysts also recently issued research reports about the stock. Guggenheim boosted their price objective on shares of Lyft from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, November 18th. TD Cowen lifted their price target on Lyft from $22.00 to $30.00 and gave the company a “buy” rating in a report on Wednesday, September 24th. Arete Research set a $20.00 price objective on Lyft and gave the stock a “neutral” rating in a research note on Wednesday, December 3rd. Susquehanna raised their price objective on Lyft from $14.00 to $24.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Finally, Truist Financial lifted their target price on Lyft from $16.00 to $23.00 and gave the company a “hold” rating in a research note on Friday, November 7th. Eleven equities research analysts have rated the stock with a Buy rating, twenty-four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Lyft currently has an average rating of “Hold” and a consensus target price of $22.92.

Lyft Stock Down 6.7%

NASDAQ:LYFT opened at $20.32 on Monday. The company has a debt-to-equity ratio of 1.76, a current ratio of 0.72 and a quick ratio of 0.72. Lyft has a 1-year low of $9.66 and a 1-year high of $25.54. The company has a 50-day moving average of $21.09 and a 200 day moving average of $18.04. The firm has a market cap of $8.11 billion, a PE ratio of 53.48, a price-to-earnings-growth ratio of 2.17 and a beta of 1.99.

Lyft (NASDAQ:LYFT) last posted its earnings results on Wednesday, November 5th. The ride-sharing company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.17). Lyft had a net margin of 2.40% and a return on equity of 18.29%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, research analysts anticipate that Lyft will post 0.22 EPS for the current fiscal year.

Insider Buying and Selling at Lyft

In other news, CAO Stephen W. Hope sold 4,800 shares of the stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $22.30, for a total value of $107,040.00. Following the transaction, the chief accounting officer directly owned 311,909 shares of the company’s stock, valued at approximately $6,955,570.70. This represents a 1.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Lawee sold 6,578 shares of Lyft stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $22.55, for a total value of $148,333.90. Following the sale, the director directly owned 104,460 shares of the company’s stock, valued at $2,355,573. This trade represents a 5.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 202,049 shares of company stock worth $4,470,738. 3.07% of the stock is owned by corporate insiders.

Institutional Trading of Lyft

Large investors have recently made changes to their positions in the business. Cetera Investment Advisers raised its holdings in shares of Lyft by 59.5% during the first quarter. Cetera Investment Advisers now owns 28,460 shares of the ride-sharing company’s stock worth $338,000 after purchasing an additional 10,619 shares during the last quarter. US Bancorp DE grew its position in Lyft by 19.9% during the 1st quarter. US Bancorp DE now owns 49,785 shares of the ride-sharing company’s stock worth $591,000 after purchasing an additional 8,246 shares during the period. PNC Financial Services Group Inc. grew its position in Lyft by 42.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,689 shares of the ride-sharing company’s stock worth $115,000 after purchasing an additional 2,871 shares during the period. Blair William & Co. IL purchased a new position in shares of Lyft during the 1st quarter valued at about $537,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Lyft by 5.7% in the 1st quarter. Vanguard Group Inc. now owns 38,049,250 shares of the ride-sharing company’s stock valued at $451,645,000 after buying an additional 2,046,639 shares during the period. 83.07% of the stock is owned by hedge funds and other institutional investors.

About Lyft

Lyft, Inc operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. It operates multimodal transportation networks that offer access to various transportation options through the Lyft platform and mobile-based applications. The company's platform provides a ridesharing marketplace, which connects drivers with riders; Express Drive, a car rental program for drivers; and a network of shared bikes and scooters in various cities to address the needs of riders for short trips.